Inflation is escalating amidst slow growth across different industries. Experts are referring to the ongoing phenomenon as stagnation. In the cryptocurrency market, most coins and tokens are feeling the heat of inflation. Even major cryptos like Bitcoin (BTC) and Ripple (XRP) are not exempted. As such, investors are putting up defenses, searching for assets that could hedge against a potential recession.
Gnox (GNOX) price is increasing
A new cryptocurrency called GNOX could be a suitable recession hedge. This token has increased 63% since its preselling phase began in mid-May, which signals the strong potential for early adopters to make exponential gains. The Gnox protocol is celebrated for having a reward system in which 1% of the 10% tax imposed on every transaction is distributed among token holders. Passive income is also generated from investments that are funded by a treasury. Fortunately for prospective investors, there is still time to partake in the earning potential of this crypto before it launches in August.
Bitcoin (BTC) price dropped again
Being well-recognized and well-distributed, Bitcoin is said to be the cryptocurrency king. However, in recent days, investors have been worried about this coin, with many people searching online for the phrase “Bitcoin is dead.” While a bullish push resulted in a price increase for BTC during the last week, the push seems to have been short-lived. At present, BTC is trading at $19,535.90 and is back below the $20,000 mark. At the start of 2022, the price of BTC was $35,000, which means it is currently at a 55.56% year-to-date price loss.
XRP struggles to sustain an upward trend
XRP is the cryptocurrency of Ripple, which is a popular exchange for various fiat currencies and cryptos. In the middle of June, the price of XRP fell below $0.28. As of this writing, the price of XRP is already up at $0.32994. However, it could still fall to new lows, as bullish sentiment for this crypto appears to have lost steam. For now, investors aim to reach a price of $0.4170 to break the bearish sentiment and allow a bullish rally towards $0.51.
The bottom line
Major cryptocurrencies are reaching new lows, which has done little to boost the confidence of investors. Now and then, major coins like BTC and XRP experience a bullish push that seems to only be temporary. Hence, relying on recession hedges, which could continue to pay during a bearish market, is necessary. Investing in GNOX, which is defying the market’s downward trend, is a good place to start.
For more about Gnox:
Join Presale: https://presale.gnox.io/register
Always conduct proper research when dealing with pre-sales of currencies and tokens. The information above does not constitute investment advice by CryptoMode or its team, nor does it reflect the views of the website or its staff.
CryptoMode produces high quality content for cryptocurrency companies. We have provided brand exposure for dozens of companies to date, and you can be one of them. All of our clients appreciate our value/pricing ratio. Contact us if you have any questions: [email protected] None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. No reviews should be taken at face value, always conduct your research before making financial commitments.